♠ Posted by Unknown in Cheap Sites in Devanahalli,Plots at affordable price in Bangalore,Plots in Bangalore
If you
cross Hebbal and go through the NH7 you will witness acres of land being farmed
or not farmed but it will seem like farmlands. No wonder one may feel that when
Bangalore is prospering at such a meteoric rate why such farmlands are kept
empty and barren when no agricultural outputs are reaped from the land. The
truth is that these land stretches are the gold mines of the city being kept by
the owners only to reap the escalating benefits of returns which is being
happening at a never before pace. In a year’s time the value of these land
stretches have increased more than 20 percent. In a second sale a property or a
land stretch near Jola Hobli near to NH 7 witnessed a price rise of 200 percent
in the second sale within 11 months. Such is the rate of price increment of
land in the area opines the department of land registration. Last year, opines official sources a land was
transacted at about Rs. 1500 per sq. ft.
while on the second sale the same land went up to Rs. 4200 per sq. ft. There
were events like these and the department officials took note of these events
but did not ballpark these events for the revision of the values of the land
especially in determining the guidance value of the land in the area. But even
then the land department officials remark that stray incidents like these must
have been instrumental in escalating the value of the land in the area.
The
department of land registration notes that Hebbal being one of the prime entry
points of the city of Bengaluru the converted land stretches in these areas
adjacent to Hebbal touched a whooping Rs. 10.6 to Rs. 11 crores per acre during
the end of the last calendar year. Bhoopasandra and Nagashettyhalli registered
an increment of prices in the range of Rs. 6 crore to Rs. 7 crores per acre.
Kacharakanahalli Ring Road falls under the bracket of Rs. 10 crore per acre. Places
on the rise in the land prices include areas like Hennur, Vishwanatha, Nagenahalli,
Nagawara Ring Road, Guddadahalli, Yelahanka and Devanahalli. In these areas the IT belt also falls as the areas and
places like Kundalahalli and Doddanekundi which has registered a mark of Rs.
9.5 crore per acre. The department officials note that all these areas have
noted an increment of 20 percent rise in the land prices in the last calendar year.
The officials
of the department of land registration took note of the transactions and their
values in these areas in arriving at the percentage increase. Just about eleven months ago the farmlands along
Hebbal and the Outer Ring Road (ORR) under the ambit of Shivajinagar district
registrar’s office (in the vicinity of ORR and the National Highway) were
priced in the range of Rs. 8 to 10 crores per acre of land according to the sub-registrar’s
records. The highest benchmark reached
in the sub-registrar’s office was Rs. 12 crore per acre of land in these areas.
The department has revised the guidance value in accordance with the market
values and the transaction values prevailing in the market. The department
officials remarked that they have tracked the transaction values and in
comparison with the prices at the land department, they have arrived at the average
values of the land.